AI Power Demand Pulls Zelestra's Plan to US
Energy and infrastructure operators serving data-centre buyers should watch US contract volume as Zelestra redirects €10.5bn.
Updated on Nov. 5, 2026 in Business Strategy
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Zelestra, the EQT-owned renewable energy developer, plans to invest €10.5bn over four years, shifting its expansion toward the United States. The strategy targets operators and infrastructure buyers in the power sector, where data-centre demand is driving contracts.
Why it matters
Zelestra is redirecting capital toward the US to capitalise on surging electricity demand from AI infrastructure, with data centre operators and hyperscalers already accounting for around half of the power it contracted last year. For businesses in energy procurement, construction and grid services, this signals where large contract volume and pricing power are concentrating.
Zelestra's 2026-2030 plan targets 18 GW of contracted power by 2030, a sixfold increase, with contracted EBITDA rising about 40% annually to €1.1bn. The US is projected to generate almost half of earnings by 2030, up from roughly 20% in 2025.
The players
Zelestra
A renewable energy developer owned by private equity firm EQT, which is shifting its expansion toward the US power market.
EQT
A European private equity firm that acquired Zelestra in 2021 and is now considering strategic options for the company, including a possible sale or continuation fund.
Meta Platforms
A major technology company and one of Zelestra's named power customers, reflecting data-centre demand for contracted electricity.
Tesla
An electric vehicle and energy company named among Zelestra's major customers.
The details
The €10.5bn plan is financed through around €1bn of equity and more than €9bn of debt, potentially including project financing, corporate loans and bond issuances. Meta Platforms and Tesla are named among major customers, and data centre operators and hyperscalers accounted for around half of contracted power last year. The shift means the company's growth depends on sustained demand from a small group of large technology buyers.
Timeline
2021: EQT acquired Zelestra, formerly known as Solarpack, and took it private.
2025: US earnings were about 20% of the total, and data centres bought half of contracted power.
2026-2030: Zelestra's strategy period for the €10.5bn investment plan.
2030: Target year for the 18 GW portfolio and US earnings near half of the total.
Market Landscape
Zelestra's pivot follows a pattern in which renewable developers are chasing AI-driven power demand rather than traditional grid markets. The stub also notes that private equity firms face growing difficulty exiting large renewable energy investments, which makes this expansion a test of whether the asset can be sold at a premium.
Operators in power procurement, construction and grid services should watch whether large data-centre and hyperscaler contracts continue to dominate new renewable supply in the US. Businesses that depend on Zelestra or similar developers should review contract terms and counterparty concentration with qualified advisers.
The takeaway
The core operating insight is that large renewable capacity is being built around a few high-volume technology buyers. Operators in energy-linked sectors should track Zelestra's contracted power and US earnings share against its 2030 targets, and consult qualified counsel before making any contract or investment decision.
Further reading
For broader context on how companies reposition their growth plans, see Business Strategy.
Source note: This article includes information reported by Private Equity Wire.
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